Former Minister of Power Arraigned for $6billion Fraud

The Economic and Financial Crimes Commission (EFCC) has brought former Minister Olu Agunloye before Justice J.O Onwuegbuzie of the Federal Capital Territory High Court, Apo, Abuja, on January 10, 2024, facing seven counts of fraudulent contract awards and official corruption.

One of the charges alleges Agunloye, while serving as Minister of Power and Steel in May 2003, awarded a contract for the “Construction of 3,960mw Mambilla Hydroelectric Power Station” to Sunrise Power and Transmission Company Limited without budgetary provision, approval, or cash backing, contravening Section 22(4) of the Corrupt Practices and Other Related Offences Act, 2000.

Another count accuses Agunloye of corruptly receiving Three Million Six Hundred Thousand Naira (N3,600,000.00) from Sunrise Power and Transmission Company Limited and Leno Adesanya through his Guaranty Trust Bank account. The alleged receipt was for conveying “approval of the Government of the Federal Republic of Nigeria for the construction of the 3,960 megawatts Mambilla Hydroelectric Power Station,” without Federal Executive Council approval, breaching Section 8(1)(a) and (b) of the Corrupt Practices and Other Related Offences Act, 2000.

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Agunloye pleaded “not guilty” to all charges. The prosecution counsel, Abba Muhammed, requested a trial date and urged the court to remand the defendant in a Correctional Centre. Defence counsel, Adola Adedipe, SAN, informed the court of a filed bail application and requested bail for the defendant, proposing EFCC custody.

Justice Onwuegbuzie ruled for Agunloye’s remand in Kuje Correctional Centre until January 11, 2024, set for the bail application hearing.

Source: EFCC Nigeria X-handle (@officialEFCC)